Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 17.9bn, rose 57.2bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.73x
- P/B
- 0.66x
- EPS
- 1,117
- BVPS
- 19,958
- ROE
- 5.8%
- ROA
- 2.2%
- Market price
- 13,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VET posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Administrative expenses
- Gross profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51.0 | 102.7 | 56.4 | 90.4 | 56.1 | 124.2 | 93.8 | 107.7 |
| LNST | 0.8 | 4.8 | 4.4 | 7.9 | 0.4 | -48.2 | 1.8 | 6.5 |
| Net margin | 1.49% | 4.65% | 7.78% | 8.78% | 0.76% | -38.79% | 1.96% | 6.07% |
Revenue
51bnNet income
1bnNet margin
1.49%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 5.94%, rising 16.3pp. Core operating signals are improving as SG&A / Revenue fell 8.3pp are enough to offset pressure from Gross margin fell 1.7pp (in addition, Other profit / Revenue rose 11.5pp added support while Net financial result / Revenue fell 1.6pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 5.94% +16.3pp
- Gross Margin
- 42.26% −1.7pp
- SG&A / Revenue
- 34.92% −8.3pp
- Non-core / Revenue
- −0.73% +9.8pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 42.4% of PBT and lifted net margin by 9.8pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.45x equity, net debt at 0.98x equity.
Inventory ended the period at 395.1bn, roughly 50.5% of total assets.
Over the last 12 months, working capital absorbed 67.8bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 180.1 days versus the same period last year. The main moves came from DIO rose 143.2 days, DSO rose 26.3 days, and DPO fell 10.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 844.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +26.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −12.2% to 5.8% — supported by net margin.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.98x and interest coverage only at 1.08x.
At present, short-term debt accounts for 36.4% of total debt, cash equals 1.3% of debt, and total debt stands at 316.8bn.
Interest coverage is 1.08x, leaving limited room to absorb financing costs.
Cash / debt stands at 1.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.98x −0.02x
- Interest Coverage
- 1.08x +1.65x
- Cash / Debt
- 1.3% +0.5pp
- Short-term Debt / Total Debt
- 36.4% +3.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -17.3bn in 2025, against investing cash flow of 3.2bn.
Post-investment cash flow was negative +14.0bn. Financing cash flow was positive +14.5bn.
CFO / net income was −0,71 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.08x. The next watchpoint is the earnings mix, when non-core contribution is −53.4%. The main offsetting support comes from operating efficiency, with net margin improving 16.3 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.94% after expanding 16.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −53.4% of PBT and CFO / net income currently at −0.71x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.08x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −21,3% YoY decline.
Ability to hold margins around the current 5.94% level.
Cash-flow quality, with operating cash flow currently at -17.3bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.